The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
FTSE attempts to break higher
The FTSE 100 is attempting to finally break out of a period of consolidation, with the 6753 level marking both the highest point reached since mid-2015 and the 2007 pre-crash high. Given the fact that we have been largely ranging over the past week, it makes sense to await a breakout rather than expect it.
Thus an hourly close above 6753 would provide a bullish outlook for the day, with the next resistance level of note at 6808. Alternately, an inability to take out this resistance level could see us sell-off towards the 6720 mark ahead of this evening's Federal Open Market Committee meeting.